On Tuesday, TD Cowen reaffirmed a positive stance on Amgen (NASDAQ:AMGN), maintaining a Buy rating and a price target of $381.00. The endorsement comes following the presentation of Phase 3 MINT trial data for Uplizna in the treatment of myasthenia gravis (MG) at the Myasthenia Gravis Foundation of America (MGFA) conference.
The trial data indicated a statistically significant difference in the reduction of the Myasthenia Gravis Activities of Daily Living (MG-ADL) score at 26 weeks for patients with acetylcholine receptor antibody-positive (AChR+) and muscle-specific kinase antibody-positive (MuSK+) MG, with reductions of 1.8 and 2.2 points respectively. Notably, the AChR+ subgroup, but not the MuSK+ subgroup, achieved a significant result on the Quantitative Myasthenia Gravis (QMG) score, which is another measure of disease severity.
The analyst noted that the onset of action for Uplizna appears to be slower compared to Vyvgart, with a separation starting at approximately 8-12 weeks. Further analyses are being conducted on the ongoing steroid taper and the durability of the response to Uplizna.
Despite the slower onset of action, the six-month dosing interval, potential benefits of steroid tapering, and favorable safety profile were highlighted as factors that could support the drug's use in later treatment lines for patients with MG. The continuation of the Buy rating and price target suggests confidence in the drug's market potential and its role in Amgen's portfolio.
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